This article is from the Australian Property Journal archive
A WAREHOUSE in Bayswater North in Melbourne’s east has sold auction for $1.58 million – $350,000 over the reserve.
Crabtrees Real Estate’s Gavin Dumas and Megan Miles handled the sale of the 45 Gatwick Rd Bayswater North.
The sale price reflects a 5.8% yield on annual net income of $92,400.
“Following a strong campaign, multiple bidders fought it out for 20 minutes finally selling for $1,580,000. The building leased to long standing tenant Revolution Fibreglass Pty Ltd.
“The purchaser is a charitable organisation looking for a return on their capital which beats bank interest. Clearly there is an appetite for leased assets which provides competition and is helping achieve outstanding results for Vendors,” Dumas said.
The 1,914 sqm property is improved by a 1,138 sqm warehouse.
Australian Property Journal
